Select ALL that is FALSE. You may select more than one. Cournot competition behaviour can be extended to apply to an oligopoly with more than two firms. If two managers of rival firms enter a price war in a duopoly, it means that they have formed a cartel. Duopoly involving price competition drives down prices and each firm's profit. When firms move simultaneously with Cournot behaviour, the more competitors there are in the oligopoly, the higher the price and profits per firm. Bertrand model describes firms' behaviour with differentiated products and price competition.

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